I thought I would reach out to you to let you know I have just reviewed your podcast on iTunes. I find your podcast inspiring and I am in the process of putting the knowledge gained into practice. Hopefully I can feature as a Success story in the future! I have also requested you as a friend on FaceBook. I thought I would let you know as I am sure you get lots of weirdos harassing you. You will have to be the judge on whether I am a weirdo or not!
I am thanking you in the best way I know by buying your new Trend Following book. I bought the 2003 edition already but at that time I wasn’t ready to absorb the information. Keep up the good work on the podcast, it is much appreciated.
I just finished listening to your podcast episode 635 with Martin Ford… FUNNIEST line ever from you: “What is the only thing you learned in an undergraduate program and an MBA program? Well, I learned the definition of a sunk cost and an opportunity cost!”
Josef Marc is an author, entrepreneur, and CEO of Publica developing in the publishing world via blockchain. Publishing companies are some of the most inefficient businesses around today. Josef not only has cultivated a strategy to work around many of the hang-ups created by working with publishers, but has re-imagined the process altogether.
We have reached an era where people no longer care who the publisher is. Buyers can do their own research, read reviews and decide if they want to buy. How does blockchain technology help with this process? During an author’s campaign period, excitement can be generated through blockchain. Searching the content of books is easier through blockchain and there is a deeper sense of engagement throughout the community. Blockchain developments not only supply a platform for an author to get their name out, but it also creates a unique vehicle for payment. Josef also explains how blockchain can help with the re-sale of books and track when, what and who is buying a book or product.
For years Amazon has had a monopoly on book sales. Amazon relies on customer reviews to promote books and get others to buy. There is one small problem with this process – it is almost impossible to track the legitimacy of these customer reviews. How are reviews more accountable through blockchain? Everything is tracked and users have “tokenized” accountability.
Had to send you an email after seeing the Alison Gopnik interview pop up this morning. You’re outdoing yourself with the diversity of these guests, and I can’t thank you enough for the people you’ve directed me towards (I owe you Annie Duke and the Play Bigger guys particularly). I’m already familiar with Gopnik, but seeing the name was a reminder of how in, out, and around the finance box these guests are. You are literally an idea gold mine. Thank you.
My name is [Name]. I’m a frequent listener of your podcast and I was wondering if you could give me a piece of advice.
I’m 20 years old and I just moved to London, I have no former experience in finance or the markets but for the past two years I decided that I wanted to be a trader and have started to read many books about the markets and finance (including yours, except trend following which I haven’t read yet).
I haven’t got a college degree, and my question is: Should I go to college and get an economics degree or should I try to get a job at an hedge fund?
I don’t know anybody that works in the industry so I would need to go “knock on doors” and ask for one and because I’m not formally qualified I am more than willing to work for free for whatever time necessary, serving coffee or whatever is needed.
The other option is to go to college but I have seen interviews with great traders like Stanley Druckenmiller and Paul Tudor Jones, who went to college in the University of Virginia but it seems that his real market education was with Eli Tullis who he did serve coffee for like he said in the documentary trader where he basically called the 1987 crash. Jones also said in a interview, which I quote; “While I’m a staunch advocate of higher education, there is no training — classroom or otherwise — that can prepare for trading the last third of a move, whether it’s the end of a bull market or the end of a bear market. There’s typically no logic to it; irrationality reigns supreme, and no class can teach what to do during that brief, volatile reign. The only way to learn how to trade during that last, exquisite third of a move is to do it, or, more precisely, live it — a sort of baptism by fire. One has to experience both the elation and fear as markets move five and six standard deviations from conventional definitions of value”.
And economists like Peter Schiff who basically says that college are a waste of time and money and gives pretty good arguments and shows good evidence of why that is…
Since you are a very successful entrepreneur and have interviewed great traders, fund managers and award winning economist over the years and have written several books about the markets: Is it a ridiculous idea to ask if you could give me your advice to what path should you think I should follow?
Thank you very much for your books and podcast! Thank you for taking the time to read this email!
Alison Gopnik is an American professor of psychology and affiliate professor of philosophy at the University of California, Berkeley. She is known for her work in the areas of cognitive and language development, specializing in the effect of language on thought, the development of a theory of mind, and causal learning. Her primary study is looking at how we learn and grow from the earliest years of our lives.
How did Alison get started down this path? She is the eldest of 6 children brought up in a bohemian style family. Being the oldest of 6 she had a deep understanding of children at a young age. She saw relationships between play and learning in babies first hand and was intrigued early on.
Alison also looks at the relationship between how long a baby is a baby before adulthood and how that relates to the rest of their life that follows. Humans generally have twice the amount of childhood than any of our animal relatives. If we have these extended periods of learning, compared to other mammals, what are human babies doing in that time? What are the other animal babies doing in that time? How does this time shape the rest of our lives in comparison?
Why is Alison so passionate about her work? She works with children everyday. She observes, plays and sees first hand how important they are. Other fields of science, particularly the artificial intelligence community, is beginning to take notice of her work. They are starting to look at children and cognitive development to help advance their programming. Introducing play and adaptation to their systems is one thing scientists have taken away from observing children. The more you play around and experiment in your childhood, the more you are able to adapt and adjust to the unknown environments. How do you go about taking on new challenges? Exploring and having fun with things often helps to solve problems quicker.
What are some lessons we are learning about kids and technology? Will this generation’s technology ruin the world? Michael and Alison end the podcast discussing the ever changing technological advances and what impacts it may or may not have on the world and the children living on it.
In this episode of Trend Following Radio:
Life after death
Exploring – as a child and adult
Test and adjust
Consciousness as a baby rather than adults
Children and technology
What’s it like being a baby? “Being in love in Paris for the first time after you have had three double espressos.” – Alison Gopnik
Martin “Marty” Bergin and James Dailey are on the podcast today. Bergin is the President and owner of DUNN Capital Management. He began working with DUNN in 1997 and took over the day-to-day operations of the firm in 2007. He became owner in 2015 (Bill Dunn remains Chairman). James Dailey became CEO of Dunn Capital in March 2016. DUNN has a track record that spans over 40 years.
Today’s podcast was recorded the week after the February 2018 volatility. Inevitably, when there is volatility in markets, machines are blamed. DUNN Capital is a trend following trading firm who uses computers for everything they do. They know fintech well. That said, there is a difference between DUNN Capital and “the machine” traders.
DUNN Capital trades from a higher volatility perspective and it has worked out well for them. They don’t charge management fees, but rather are completely incentive fee based. Further, at DUNN Capital they don’t reduce volatility for the sake of possibly reducing bad events–they still want strong profits and that is the only way they make money. Unfortunately, investors always remember drawdowns and they do try to minimize those without compromising their core system.
Finally, and this a surprise for many, DUNN Capital’s office is quiet and not very exciting. Trend following after all is about discipline and blocking out all of the media noise and information. DUNN’s investors get that. DUNN is managing money for the long term, not short term. Their trend following is geared toward data and everything in their research shows that long term trend following trading is their best opportunity.
In this episode of Trend Following Radio:
End of the new normal
Long term volatility vs Short term volatility
Price action trading
Diversification in portfolio
“Inflation is a trend followers friend.” – Martin Bergin and James Dailey.
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